Ultra-luxury homes priced above Rs 40 crore have seen robust sales in India’s major cities during the first eight months of 2024, with a total of 25 such homes sold for an estimated Rs 2,443 crore. According to latest data from Anarock, the transactions spanned across Mumbai, Hyderabad, Gurugram, and Bengaluru, with Mumbai leading the market.
The majority of these deals were in Mumbai, which recorded 21 ultra-luxury residential sales, comprising 84 per cent of the total, valued at Rs 2,200 crore. Hyderabad saw two transactions amounting to Rs 80 crore, while Gurugram and Bengaluru each saw one ultra-luxury home sold for Rs 95 crore and Rs 67.5 crore, respectively.
Of the 25 properties sold, 20 were high-end apartments with a collective value of Rs 1,694 crore, while the remaining five were independent bungalows worth Rs 748.5 crore. Mumbai also led in the high-end category, with 9 sales exceeding Rs 100 crore, including 7 in South Central Mumbai and 2 in Bandra and Juhu.
Price Increases in Ultra-Luxury Segment
The demand for ultra-luxury homes has driven a notable increase in prices. Homes priced above Rs 40 crore saw a 2 per cent average price increase over the past eight months, while properties exceeding Rs 100 crore saw a 14 per cent jump.
Anuj Puri, Chairman of Anarock Group, highlighted the surge in demand, stating, “The appetite for ultra-luxury homes remains unrelenting, especially in Mumbai, the most expensive residential market in the country. Developers are responding by scaling up the supply of such properties.”
2024 Sales Outpacing 2023
In comparison, the entirety of 2023 saw 61 ultra-luxury home deals valued at Rs 4,456 crore across Mumbai, Hyderabad, and Gurugram. With four months still remaining in 2024, experts predict further growth, particularly during the festive season.
Ultra-luxury homes have increasingly become a prime investment for high-net-worth individuals (HNIs), with the majority of the buyers being businessmen (80 per cent), followed by senior professionals (12 per cent), and celebrities and legal and medical professionals (8 per cent).
\With Mumbai leading the charge, the ultra-luxury real estate market is expected to set new records in 2024. The upward trend suggests that by the end of the year, the market may surpass the sales figures of 2023, as demand for high-end homes continues to soar in India’s financial hubs.
